PM-Kymmene Corporation is proceeding with the plan to change its corporate structure in Finland to better match its current business structure. Three new subsidiaries have been established in Finland: UPM Energy Oy, UPM Paper Asia Oy and UPM Paper ENA Oy. The personnel and assets of UPM Energy, UPM Paper Asia and UPM Paper ENA (Europe and North America) in Finland are planned to be transferred to the new companies on 1 July 2016.
Neenah Paper, Inc. announced today that it had completed the previously announced purchase of all of the outstanding equity of ASP FiberMark, LLC (“FiberMark”) from an affiliate of American Securities LLC on August 1, 2015.
FiberMark, with annual sales of over $160 million, is a specialty coating and finishing company with a strong presence in luxury packaging and overlapping technical product categories.The acquisition is expected to deliver synergies of $6 million per year within three years, with ongoing accretion (excluding one-time costs) of over $0.40 per share. The Company indicated it expects one-time costs in 2015 of approximately $5 million for transaction fees and integration.
The purchase price of $120 million, subject to adjustments for acquired cash and a working capital true up, resulted in a cash payment of $123 million at closing, and was financed through $80 million of cash on hand and the balance from available borrowing capacity on the Company’s revolving credit facility.
Additional details about the acquisition will be discussed in the Company’s second quarter earnings call on August 6th.
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